PowerUp Money raises $7.1 Mn from Accel, Blume and others

Wealthtech startup PowerUp Money has raised $7.1 million in its first institutional funding round, led by Accel, Blume Ventures, and Kae Capital, with participation from 8i Ventures and DeVC.

The proceeds will be used to strengthen its research team, build new advisory products, and scale customer acquisition efforts.

Founded in April by Prateek Jindal, ex-cofounder of Uni Cards, PowerUp Money helps users manage their finances with tools like "Power Age," which shows when they can achieve financial freedom and how much they need to save. It offers direct mutual fund investments with advisory support to retail investors via its mobile platform. 

The startup is rolling out both free and paid subscription models. According to the company, Power Mutual Funds is already tracking over Rs 3,000 crore (~$350 million) in assets across more than 25,000 customers, with strong growth month on month. 

Originally incubated within Uni Cards, PowerUp has now been spun off as an independent venture, following the funding round. As per sources, Jindal has been working on the new venture since October 2023.

According to TheKredible, Indian wealthtech startups such as Neo, Dezerv, Centricity, Stable Money, Fisdom, Univest, InvestorAi, and Wealthy have secured nearly $250 million in funding across 15 deals since PowerUp came into existence (October 2023).